Oil prices rebound on inventory draw hopes
Wednesday,
13-Dec-2017
05:10 PM (IST)
Crude oil prices recovered from the prior session’s losses as market participants places bets that a sizeable drawdown would be shown in weekly stockpile data.After markets closed Tuesday, the American Petroleum Institute said that U.S. oil inventories dropped by nearly 7.4 million barrels last week. That compared with analysts' expectations for a decline of around 3.8 million barrels.The U.S. Energy Information Administration will release its official weekly oil supplies report for the week ended December 8 at 10:30AM ET (15:30GMT).U.S. crude oil futures rose 0.72% to $57.55, while Brent oil traded up 1.01% to $63.98.
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